JOHANNESBURG – South Africa's blue-chip lenders have become the latest victims of the country's economic and fiscal woes with the key banks index down nearly 18 percent in the past three months, wiping off billions of rand in the shares in the process.
Nedbank has plunged nearly 20 percent in the past 90 days while the country's biggest bank by assets Standard Bank has lost 16.71 percent.
FirstRand, the largest bank by market capitalisation, has fallen nearly 19 percent while Absa has eased more than 13 percent.
Capitec’s share price has plummeted more than 17 percent and Rand Merchant Bank over 20 percent.
Asief Mohamed, the chief investment officer of Aeon Asset Management, said the South African Bank sector was down nearly 18 percent off its 52 week high.